O2 Czech Republic

Quarterly Results

October – December 2015

26th January 2016

CAUTIONARY STATEMENT

Any forward-looking statements concerning future economic and financial performance ofO2 Czech Republic a.s. contained in this Presentation are based on assumptions andexpectations of the future development of factors having material influence on the futureeconomic and financial performance of O2 Czech Republic a.s. These factors include, butare not limited to, public regulation in the telecommunications sector, future macroeconomicsituation, development of market competition and related demand for telecommunicationsand other services. The actual development of these factors, however, may be different.Consequently, the actual future results of economic and financial performance of O2 CzechRepublic a.s. could materially differ from those expressed in the forward-looking statementscontained in this Presentation.

Although O2 Czech Republic a.s. makes every effort to provide accurate information, wecannot accept liability for any misprints or other errors.

1

Performance Highlights

1,0%

O2 CR

UKGermany

Netherlands

3

Our mobile strategy works…

… two digit growth in data revenue

Small screen revenue

Our customers are loyal

Significant improvement in blended churn…

… record high loyalty level

Best in class contract churn in EU context

Stable spend

Tariff upsell

B2B under pressure, but decline decelerating

Data monetization works

Contract churn

ARPU (y-o-y)

-11,9%

0,3%

FY 14 FY 15

4Q 14 4Q 15

+15%And data monetized

LTE network coverage

LTE up to 2x more traffic and spend

Data package readily available

Growing Pay TV

Tariff upsell

Unique experience

Available to all households2)

41) by 40% higher compared to ADSL2) all households in the Czech Republic with internet connection from any provider

VDSL (‘000)

More rich content & tariff upsell resulting in double digit Pay TV revenue growth…

…Improving fixed BB experience with continuing migration to VDSL

Fixed BB accelerating

VDSL network coverage

Acceleration in progress

Higher VDSL loyalty1)

VDSL +15 % y-o-y

382438

Dec 14 Dec 15

+15%

O2 TV revenue

4Q14 4Q15

+67%

Unlimited fixed voice

Fixed voice revolution

Tariff upsell

Successful pilot, execution in H1 2016

5

O2 brings unique multidimensional customer experience…

O2 TV

Multi-device

Anytime

Time shift Recording

Video on demand

Any match Any cameraUnique content

Anywhere

Multi-room

For all

Retail distribution since 2/2016

24 28

FY 14 FY 15

6

Slovakia maintains commercial & financial growth…

… on the back of value & data focused proposition

Revenue (EURm) EBITDA (EURm)

+9% +23%

Growing mobile customers

Solid customers’ growth maintained

in increasing competitive landscape

Maintaining customer loyalty & value

Strengthening market position

Customer base (‘000)

Growing data revenue

Growing 3G and 4G network coverage

Data focused proposition driving

smartphone penetration…

…internet base & data revenue growth

Strong financials

Solid revenues growth driven by

data & HW

EBITDA margin 35.4% in 2015

Positive contribution to Group

financials

Data revenue (EURm)

+15%

1 6841 809

18 8 6236

Dec 14Q1 15 Q2 15 Q3 15 Q4 15 Dec 15

Net adds Mix: Postpaid

97%83%100%75%

224 245

FY 14 FY 15

7187

FY 14 FY 15

October – December 2015

Financial Performance

8

Stabilized top line helped by mobile data, Pay TV, ICT & Slovakia…

…cost efficiencies contributing to EBITDA growth

CZK millions FY 2015Change

FY 15 / FY 14

Operating Revenue 37,385 -0.1%

CZ Fixed 11,670 -4.0%

CZ Mobile 19,216 +0.2%

Slovakia 6,682 +8.2%

EBITDA 10,142 +24.7%

EBITDA margin 27.1% +5.4 p.p.

Net Income 5,077 +44.5%

Adjusted Free Cash Flow1) 5,760 +18.9%

FY 2015

1) 2014: excluding settlement of liabilities with former majority shareholder (Q2 and Q3), 2015: excluding CZK ~1 billion funding with CETIN via working capital in Q2, excluding payment for

GSM license renewal (CZK 432m) in Q4

EBITDA

10 142

Net Income

5 077

9,900 to 10,200

4,850 to 5,200

EBITDA and Net Income on upper part of outlook

Q4 14 Voice Internet & BB ICT Data Hardware & Other Q4 15

9

Fixed Operating Revenue growing…

… driven by Pay TV and ICT

CZK millions

(% change y-o-y)

-104

(-13.2%)

2,978 +20

(+1.7%)

+21

(+11.1%)

+4.5%

-24

(-8.1%)

+222

(+48.9%) 3,113

of whichO2 TV

+67.2%

Q4 14 Voice Messaging Data Interconnection Hardware Other Q4 15

10

Czech Mobile Operating Revenue stabilization continues …

… while Slovak Operating Revenue grew by 1%

-1.3%

4,937

-203

(-8.3%)-36

(-12.2%)

+16

(+2.7%)

1 Inbound Roaming, M2M, Other revenue

4,872

+84

(+20.2%)

1)

+133

(+13.2%)

-59

(-29.9%)

CZK millions

(% change y-o-y)

Czech Operating Revenues

+1.1% Slovakia Operating Revenues

Q4 14 Costs of

Service

Commercial

Costs

Marketing NW & IT repairs

and

maintenance

Personnel

Expenses

Other Q4 15

11

Savings in OPEX driven by simplified operational model…

…higher commercial costs due to increased trading

1) Taxes other than income taxes, provisions and fees, Rentals, Buildings, Vehicles, Consumables, Consultancy, Billing, Collection, Call Centers, Brand and management fees and other

7,132-206

(-24.3%)

+18

(+0,5%)

+124

(+14.4%)

-124

(-34.5%)

7,168

+235

(+23,6%)

+0.5%

1)

CZK millions

(% change y-o-y)

-19

(-4.7%)

12

Now O2 with low CAPEX profile…

…investments directed to growth areas and IT transformation

Czech Republic:

GSM spectrum renewal (till October 2024)

IT transformation

NW upgrade and enhancement

Slovakia:

3G/4G rollout

IT upgrade

CZK millions

7.6%1)

CAPEX/Revenue

(FY 2015)1 058

432

Q4 15

1) Excluding cost of GSM license renewal (CZK 432m) in Q4 2015, 8.8% including this item

GSM

spectrum

renewal

CZK millions 31 Dec 20141) 30 Sep 2015 31 Dec 2015

Non-current assets 63,371 20,830 21,399

- of which Intangible Assets 26,276 15,868 16,147

- of which Property, Plant & Equipment 36,200 4,325 4,638

Current assets 10,920 10,856 8,869

- of which Cash & cash. Equiv. 3,256 3,924 1,970

Total assets 74,290 31,686 30,268

Equity 54,153 17,153 18,344

Non-current liabilities 5,557 3,045 3,146

- of which Long-term financial debt 3,000 3,000 2,970

Current liabilities 14,580 11,488 8,778

- of which Short-term financial debt 4,004 4,001 11

13

Strong balance sheet

1) Including CETIN

Dividend, Share buy-back & Debt

15

Share buy-back approved by AGM, to be relaunched in January

…debt successfully refinanced benefiting from favorable conditions

Debt

refinancing

successfully

exercised

Share

buy-back

Share buy-back on top of regular dividend

Parameters approved by the General Meeting

Maximum 10% of shares /up to CZK 8 billion in 5 years, maximum price CZK 297

First tranche approved by the Board of Directors

Maximum 4% of shares in 2 years

Expected to restart in January/February 2016

Up to CZK 12 billion 5-year loan – term and revolving

O2 benefited from favorable market conditions

CZK 7 bn refinanced, up to CZK 5 bn for general corporate purposes, including

share buy-back

2015

Dividend

2015 Group Net Income: CZK 5,077m vs. standalone CZK 4,711m

Intended dividend proposal: CZK 16 per share

Final decision to be made by the General Meeting